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Multiple property landlord here. Get a decent spreadsheet that helps you figure out the cap rate on a building. That's basically the return on your money. It's a fairly simple formula: (gross yearly income from rentals) - (expenses) / purchase price Now your yearly expenses should include property taxes, electric that you pay, a realistic vacancy rate/credit loss, etc. If a tenant stops paying and you have to evict them, that's an expense to file eviction paperwork and lost income from non-payment. Figure out your cap rate, and then you can easily see if it's worth the effort to deal with it or just stick the money in the stock market with a broker.
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May 9, 2013 10:52
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Anybody have a good site for lease templates? I can't seem to find any decent ones, and I have to write up a new lease for a tenant. When I have time, I'll talk about what I've recently purchased. edit: Thanks! \/ \/ \/ particle409 fucked around with this message at 03:28 on Sep 14, 2013 |
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Sep 13, 2013 20:47
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I need help with management software and collecting rent. I currently use LandlordMax, which is ok for tracking and bookkeeping. I have about 20 units, spread over 3 different properties in Yonkers and the Bronx. Most of my tenants don't have internet access or even checking accounts. They prefer to pay cash (which I stopped accepting) or with money orders. I use a management company, but they're doing a subpar job. Collecting rent is awful, just because none of my tenants are home at the same time. I would spend my entire week driving around just to meet tenants to pick up rent. Question: What's the best system to mail self-addressed envelopes to my tenants, telling them what they owe? If they can just drop it in the mail, that'd be fantastic, and I'd just need to meet a few who don't for whatever reason. None of the management systems I've seen can do that. edit: Didn't we used to be able to bookmark threads?
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Aug 31, 2014 03:42
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DNova posted:Hire a competent property management company. Why are you doing all this legwork AND paying for a manager? 4%. I've gone through management companies, the reality is that they're not willing to chase down the money like I am. $1,000 in unpaid rent is just $40 to the management company. I have no other job, and would like to make this my primary job. I've found that nobody watches the money like I do. Cicero posted:How is it any different if they use money orders? My tenants need their hands held. A number of them have rent subsidy programs, and won't pay their portion unless it's spelled out for them. I'll have to go through a million evictions a year. That's the bottom line. They need their hands held. My current management company sends out envelopes telling them how much they owe, etc, but they're tight-lipped about what program they use. They think I'll just use it myself and fire them (I would).
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Sep 1, 2014 11:51
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I just had to evict a tenant. Actually, I let him leave, in exchange for me not evicting him and suing him for a shitton of back rent. He left behind lots of stuff. I forgot to get all the pics, but let's look at some of it! I can always get the 3rd bedroom and living room tomorrow. Bedroom 1  Bedroom 2  This is a flipped dresser drawer. There is a dresser in the room missing its drawer, but the one in this picture is too big to fit in the dresser. Very confusing.  This'll come right out.  That's cool, I didn't want the closet door on its hinges anyway.  Master bedroom. The furniture and mattresses are such a loving pain to get out.  I found a shitload of shoe boxes, which seems to be a theme. Tenants who don't pay rent almost always have thousands of dollars worth of shoes. Seriously, somebody should do a study.  Garage: It's full of auto care products. The tenant drives a nicer car than I do. Also, a shitload of bootleg dvd's, maybe a few hundred of them in bags stuffed in the shelving on the side. More garage. Instead of having my crew pay to bring this to the dumpster, I may just have a free garage sale, let people take it.  BONUS!!! For reading this entire post, you get a reward! I found this cd spindle in the master bedroom, with about 50 dvd's. Batman Begins, and not a lovely bootleg? gently caress, I never saw the third one, maybe it's in this pile.  Oh boy. I never saw the first two.  http://i.imgur.com/TkMIdzq.jpg I'm sensing a theme here. http://i.imgur.com/1ME7Zgk.jpg I know somebody who used to call this poo poo all the time. She's a 50 year-old West Indian immigrant, I should send this to her. http://i.imgur.com/lTdwO2I.jpg Oh cool, a political documentary. http://imgur.com/89h2uoS edit: I can post more bootleg BBW porn dvd's, not sure if this is the right thread for it though (it's not). particle409 fucked around with this message at 00:29 on Oct 18, 2014 |
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Oct 18, 2014 00:26
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